Scottish Widows removes early exit fees

The move will enable clients to switch products or providers free of charge before the end of their policy. It follows the announcement of a 1% cap on early exit charges by the Financial Conduct Authority last May to allow people to make better use of pension freedoms. The cap will affect personal and stakeholder pensions - both individual and workplace - as well as self-invested personal pensions, for those over the age of 55. Scottish Widows' blanket ban will take effect before 31 March, when the regulator's cap comes into force. The group's retirement expert David Lascelles s...